The China Post
Date: February 13, 2017
By: CNA
TAIPEI — An Asian brokerage has raised its target price on shares in Taiwan-based
Hon Hai Precision Industry Co. (鴻海), the world’s largest contract electronics maker, after Japan’s Sharp Corp., in which the Taiwanese firm holds a majority stake, turned a profit for the fourth quarter of last year.
In a research note, the brokerage said that a profitable Sharp is expected to boost Hon Hai’s earnings for the fourth quarter of last year by 1 percent. In the third quarter, a loss-making Sharp dragged down Hon Hai’s earnings by about 6 percent, according to the brokerage.
The brokerage said that it raised its target price on shares in Hon Hai, an assembler of iPhones and iPads for Apple Inc., from NT$78 to NT$97 (US$3.13) and upgraded a recommendation on the stock from a “hold” to a “buy.” [FULL STORY]